LONGUEUIL, QC, Jan. 18, 2012 /CNW Telbec/ - Vizimax Inc., a leading
Smart Grid designer and manufacturer of innovative automation systems
for grid modernization announced today it has secured $4.1 million of
venture capital financing.
The financing syndicate was led by Yaletown Venture Partners, a leading
venture capital firm focused on Cleantech and IT investing. Joining
Yaletown in the investment syndicate were BDC Venture Capital, the
venture capital division of the Business Development Bank of Canada
(BDC) and Vizimax management.
"This latest round of funding from two leading cleantech venture capital
players is a strong vote of confidence in our underlying business
strategy and technology," said Vizimax CEO Jean-Guy Lacombe. "This
financing coupled with our track record of developing leading edge
products and our strong foundation of partnerships with medium and high
voltage power equipment manufacturers and with large energy system
integrators, puts us in an excellent position for growth and expansion
in new markets in Europe, Asia and South America."
The new funding will permit Vizimax to aggressively pursue business and
market development, whilst continuing to drive its product development
for its two major product lines - SynchroTeq and RightWON. Leveraging
its innovative technology, Vizimax is poised to take advantage of
future robust growth in the substation automation segment which is
forecast to have a compounded annual growth rate (CAGR) of 30-40%
through 2014 on a worldwide basis.
"One of the main reasons we were interested in investing in Vizimax is
its impressive management team led by Jean-Guy and a roster of seasoned
professionals with multi-decades of experience in the design of utility
automation systems and in the communications arena," said Salil Munjal,
a General Partner at Yaletown Venture Partners and new member of the
Vizimax Board. "Yaletown is dedicated to facilitating the growth and
success of world-class, high-technology companies in the clean
technology area. With innovative technology and a robust business model
focused in the rapidly growing substation automation segment of smart
grid, Vizimax is representative of the type of investment we seek,"
"We are very excited about this investment and are looking forward to
working with Jean-Guy and his team", said Tony Van Bommel, Partner,
Energy/Cleantech Fund, BDC Capital Inc. and also a new member of the
Vizimax Board. "Vizimax's products help utilities address key issues to
improve the management of power outages, restore power and improve
power quality," he added.
Vizimax is an independent manufacturer of Automation Systems for Grid
Modernization used by Power Utilities, Independent Power Producers
('IPPs') and Industrial Clients. Vizimax products contribute to making
the electric grid more efficient, in lowering network outages by
automating substations and interconnect renewable energy production
sites to the grid, including wind farms, solar power and biomass
production sites. Our clients include Siemens, Alstom Grid, Schneider
Electric, Crompton Greaves, BHEL, and Hydro-Quebec among others.
About Yaletown Venture Partners
Yaletown Venture Partners, is headquartered in Vancouver, Canada with
offices in Calgary and Seattle. Yaletown is backed by leading
institutional investors and by a network of successful technology
entrepreneurs, executives, and angel investors. Yaletown leverages an
extensive on-the-ground network to seek out the most promising early
stage Cleantech and IT companies. Founded in 2002, Yaletown is led by a
team that brings together an extensive network of industry
relationships and more than 120 years collective experience building
and financing technology companies.
About BDC Venture Capital
As Canada's business development bank, BDC puts entrepreneurs first.
BDC's Venture Capital division (BDC VC) is one of the country's most
active venture capital investors and is involved at every stage of its
investee companies' development cycles, from seed through expansion.
BDC VC focuses on technology-based businesses with high growth
potential that are positioned to become dominant players in their
SOURCE Vizimax Inc.
For further information:
(450) 679-0003 x 202
Yaletown Venture Partners:
BDC Venture Capital